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April 15, 2002

Wärtsilä hoists flag over John Crane-Lips
Wärtsilä and the Smiths Group today completed the agreement transferring marine propulsion supplier John Crane-Lips to Wärtsilä. The acquisition price was GBP 215 million (EUR 350 million).

Wärtsilä´ says the acquisition marks an important step towards its strategic goal of leading the ship power market. The company will be part of Wärtsilä's Marine Division under the name Wärtsilä Propulsion.

Christoph Vitzthum,currently VP, Finance & Control of Wärtsilä Marine Division, has been appointed President of Wärtsilä Propulsion.